In 2005, U2’s iconic guitarist, David Evans—better known by his stage name, “The Edge”—made headlines with a significant purchase: nearly 150 acres of scenic hilltop land overlooking Malibu, acquired for just under $9 million. Perched on a coastal ridge with stunning Pacific Ocean views, Evans envisioned transforming the site into an exclusive retreat dubbed “Leaves in the Wind,” featuring five sleek, modern mansions linked by a private road.

However, the reaction from Malibu’s community and officials was anything but welcoming.

As soon as the ambitious plans were unveiled, they sparked a fierce backlash. Residents, environmental advocates, and coastal regulators quickly mobilized, arguing that the proposed development would irrevocably mar one of the coast’s most pristine vistas. Concerns centered around the environmental impact of cutting roads into the ridge, laying utilities across sensitive habitats, and constructing large structures that would dominate the skyline. Over the ensuing years, The Edge found himself embroiled in a costly and protracted battle with both the California Coastal Commission and local conservationists.

To his credit, The Edge was not one to bulldoze his vision through opposition. He responded by revising his plans, downsizing the proposed homes, and commissioning high-profile architects and environmental consultants to ensure the project’s alignment with ecological standards. Throughout this process, extensive studies were conducted, and millions were invested in an attempt to harmonize the development with its natural surroundings. At one stage, the Coastal Commission even granted approval, only for this decision to be contested in court by environmental groups.

In a decisive turn of events in June 2019, the California Supreme Court chose not to review The Edge’s appeal, effectively putting an end to “Leaves in the Wind.” Despite possessing the resources, fame, and perseverance to pursue his vision, The Edge ultimately walked away with nothing. Today, the land remains untouched, a testament to the formidable power of environmental advocacy.

As we reflect on this saga, it serves as a poignant reminder of the complex interplay between ambition and environmental stewardship.

Exactly one year ago, the Palisades Fire destroyed more than 700 homes in Malibu, including roughly 300 beachfront properties. Rebuilding has been slow and contentious. Only a small fraction of permits have been issued. Longtime residents have grown frustrated watching empty lots sit untouched while the community struggles to recover.

Into that vacuum have stepped two billionaire brothers from New Zealand: Mat and Nick Mowbray. They are the richest people in New Zealand, with a combined net worth of $20 billion.

Over the past year, Mat and Nick have quietly purchased 16 burned beachfront lots along Pacific Coast Highway.

Unlike The Edge’s hilltop vision, these properties sit directly on the sand. And unlike Malibu’s prolonged resistance to large-scale development, the city has so far allowed the acquisitions to proceed…

(Photo by JOSH EDELSON/AFP via Getty Images)

Who Are The Mowbrays and How’d They Get So Rich?

The brothers grew up in New Zealand and showed entrepreneurial instincts early. As teenagers, they designed and sold toy products while still in school. In the early 2000s, Mat, Nick, and their sister Anna founded a toy company called Zuru. In 2003, they set up their own manufacturing operations in Hong Kong and mainland China. The bold move to control their own operations, rather than rely on third parties, paid off. Zuru was able to iterate and scale aggressively, undercutting competition.

Zuru’s breakout success came with mass-market hits like “Bunch O Balloons,” a literal bunch of water balloons that can be filled simultaneously from one hose. It became one of the best-selling outdoor toys of the 2010s:

The company followed that with a string of blockbuster brands, including “XShot,” “5 Surprise,” and “Mini Brands,” many of which dominated shelf space at retailers like Walmart and Target. Unlike traditional toy companies that rely heavily on licensing and seasonal hits, Zuru focuses on fast product cycles, viral appeal, and tight manufacturing control.

By the late 2010s, Zuru had quietly become one of the largest toy companies in the world by revenue, while remaining privately held. Profits were largely reinvested, and the brothers avoided public markets, media circuits, and celebrity-founder culture. That low-profile approach helped them compound wealth out of the spotlight.

In recent years, the Mowbrays expanded beyond toys. Through divisions such as Zuru Tech, they began investing heavily in automated construction and prefabricated housing systems. The goal was to apply the same manufacturing principles that worked in toys, speed, scale, and cost control, to real estate and construction, industries long criticized for inefficiency.

Last year, the brothers, who are the company’s majority owners, were officially crowned the richest people in New Zealand, with a combined net worth of $20 billion. Despite that status, they remain relatively unknown outside business and manufacturing circles. This is why their sudden emergence as major property buyers in Malibu has caught so many people off guard.

Malibu Purchases

According to city officials and reporting from local media, the Mowbrays’ Malibu purchases were not part of some grand, pre-announced master plan. The brothers initially intended to buy a single beachfront lot for personal use. But as word spread that they were willing and able buyers in a market frozen by insurance disputes, permitting delays, and post-fire uncertainty, more opportunities followed. One lot became several. Several became sixteen.

All sixteen parcels sit along Pacific Coast Highway and were previously developed with single-family homes before the fire. That distinction is critical. Unlike The Edge’s ridgeline project, which would have introduced entirely new development into an undeveloped area, the Mowbrays are rebuilding on lots where homes already existed. From a legal and political standpoint, that places them on far firmer ground.

The brothers have said their intention is to rebuild one home per lot, not combine parcels, not push for oversized footprints, and not provoke a showdown with the California Coastal Commission. The homes are expected to be prefabricated using fire-resistant materials and assembled on-site, a process their company argues is faster, safer, and more predictable than traditional Malibu construction.

Even so, the scale of the land grab has unsettled many longtime residents.

Malibu City Council members have openly worried that wealthy buyers could use the rebuilding process as an opportunity to quietly rewrite the character of the coastline. While there are size limits on homes in many parts of Malibu, beachfront properties operate under a different set of rules. Proposals to impose stricter square-footage caps on beachfront rebuilds have already been debated and rejected, leaving residents wary that today’s modest plans could evolve tomorrow.

There is also a deeper, more emotional layer to the discomfort.

Hundreds of Malibu families remain displaced, caught in a bureaucratic maze of insurance claims, environmental reviews, and permit backlogs. Against that backdrop, watching foreign billionaires acquire prime beachfront land with apparent ease feels jarring, even if the purchases are entirely legal. The concern is not just about money, but about who Malibu is being rebuilt for.

That is where the ghost of “Leaves in the Wind” looms largest.

A decade ago, Malibu expended enormous political and legal energy stopping a billionaire from reshaping a ridgeline that many believed should remain untouched. The Edge ultimately walked away, despite his willingness to compromise and spend freely to meet regulatory demands. Today, Malibu is far more vulnerable. Fire has already erased entire neighborhoods, and the city desperately needs rebuilding to happen at all.

The Mowbrays are not proposing castles on a hill. They are offering speed, capital, and a narrative of restoration rather than transformation. For now, that appears to be enough.

Whether it stays that way will depend on what gets built, how closely those plans track what once stood there, and whether Malibu’s famously skeptical residents believe the brothers’ stated intentions hold up over time.

Malibu has never been opposed to wealth. It has been opposed to permanence imposed from the outside. The Edge learned that lesson the hard way. The Mowbrays are betting that post-fire Malibu is ready to make an exception.